XL Catlin’s venture fund, XL Innovate, committed $4 million in first-round financing to Stonestep, a property/casualty insurtech startup looking to streamline how microinsurance is sold in emerging markets. The Series A funding is designed to help Stonestep grow in the …
Bermuda-based AXIS Capital Holdings Ltd. announced its London office will be among the first commercial tenants in “The Scalpel,” a 36-story tower located at 52 Lime Street, adjacent to Lloyd’s of London. AXIS said it has taken 31,500 square feet …
Aspen Insurance Holdings Ltd. announced that Richard Thornton has been appointed to the newly created position of group chief operating officer. Thornton will undertake this new role in addition to his responsibilities as group head of strategy, said the company, …
Fairfax Financial Holdings Ltd., the Canadian investment and insurance company, agreed to buy Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Prem Watsa’s biggest purchase. Fairfax will pay $54 per share, which is …
M&A and Brexit will be major factors for the global re/insurance industry over the coming year, according to predictions from the insurance team at the international law firm Clyde & Co. Andrew Holderness, a partner in Clyde & Co.’s London …
Novae Group plc, the specialist listed Lloyd’s insurer, announced the appointment of Helen Steadman as head of cargo. She reports to Darren Carr, head of marine. Steadman brings nearly a decade of cargo underwriting experience to Novae. She joins from …
The ongoing pressures of diminishing investment returns, dwindling loss reserves and intense competition are beginning to erode industry fundamentals, cautioned A.M. Best in a special report titled “Insurers Hunt for Diminishing Opportunities in a Market Laden with Challenges.” “There is …
Hackers targeted Turkish lender Akbank in a cyber attack on the SWIFT global money transfer system, the bank said, adding it faced a liability of up to $4 million from the incident but no customer information was compromised. It was …
Egyptian investigators found traces of explosives on victims of the crashed EgyptAir jet that went down over the Mediterranean seven months ago, in the clearest indication so far that terrorism may have caused the fatal incident. The findings have been …
Germany’s cyber security authority, the Federal Office for Information Security (BSI), criticized Yahoo on Thursday for failing to adopt adequate encryption techniques to protect its users’ personal data. The BSI also advised German consumers to consider switching to alternatives for …
